IFIC Bank PLC operates all savings Account under the Mudaraba principle (profit & risk sharing) of Islamic Shariah. This principle offers depositors an agreed portion of business profit and assigns risk for any genuine loss. The Bank distributes a minimum 65% of its investment income among all Mudaraba accounts as per weightage. Hereby the rate of profit paid is variable. The Bank pays profit on provisional basis twice a year. After annual calculation of Final Profit, the paid amount is adjusted.

Features:

• This deposit product is guided by the Mudaraba principles of Islamic shariah
• Standard Savings Account. No limit on withdrawal/deposit
• Until otherwise decided, the profit sharing ratio is 35:65 between IFIC & the depositor in Mudaraba Savings Accounts.
• Profit on provisional basis is paid twice a year
• Lowest balance of a month is eligible for profit
• Additional amount (if any) is paid after annual calculation of Final Rate
• No profit for a month in case of withdrawal more than once in a day or more than twice times in a week or more than 25% of total balance in a single transection.
• Cheque Book facility
• VISA Debit Cards. Local currency available
• Self-operability thru Internet Banking service
• Quick transactions through IFIC AMAR BANK.
• Country’s largest banking network for banking Service
• SMS notification & query service
• 24/7 Contact Center support
• Fees and Charges as per Schedule of Charges will be realized twice a year.
• Separate charges applicable for debit card and SMS service subscription
• Excise duty may be realized as per Govt rules and regulations

Eligibility:

• Any Business entity/Farm/Club/ Religious body/ Educational Institution in Bangladesh.
• Business person operating small business without trade license can also open this A/C.
• Any Bangladeshi national
• Minimum age: 18 years
• More than one person can jointly operate Mudaraba Savings Account
• Guardian on behalf of a minor can open Mudaraba Savings Account
• Minimum balance for account opening: Tk.500/-

Required Documents:

• Complete and duly signed account opening form
• NID/ Valid Passport/Driving License
• 2 copy of recent passport size photo for each signatory
• Nominee’s NID & photo (attested by applicant)
• Recent electricity or other utility bill in case of present address differing to NID/Passport
• Receipt copy of last year’s Income Tax return (optional)

*Bank may ask for any other additional document (if required)